Accounting standards

Leaders of the Securities and Exchange Commission and the Public Company Accounting Oversight Board issued a joint statement Wednesday about the impact of the coronavirus on audit firms trying to operate in China.

The Financial Reporting Council issued guidance Tuesday about the disclosure of risks surrounding the coronavirus, and is discussing with audit firms whether the virus will affect their ability to review audits in China.

Argentina may be in deep financial trouble, but its central bank is comfortably back in the black — thanks to a small accounting maneuver.

The new standard caused lease liabilities for the average company to skyrocket 1,475 percent, from $4.4 million to $68.9 million post transition.

The White House’s latest budget blueprint proposes consolidating the functions and responsibilities of the Public Company Accounting Oversight Board into the Securities and Exchange Commission starting in 2022.

The new hedge accounting standard is encouraging more companies to re-evaluate their risk management, according to a new report from Deloitte.

The Accounting and Review Services Committee has issued a new standard as part of an effort to align its standards with both international standards and generally accepted auditing standards.

Financial revisions and restatements are indicators of audit quality, but they are far from the only ones.

The Cost Accounting Standards Board, a group set up by Congress in 1970 to make sure federal contractors charge their costs appropriately, is finally making some progress in aligning its 19 cost accounting standards with U.S. GAAP after Congress mandated in 2017 that it do so where practicable.

The Financial Accounting Standards Board proposed an accounting standards update Monday to enhance the transparency of how not-for-profit organizations present and disclose contributed non-financial assets.

What are the benefits and challenges faced by public companies with the new leases standard?

The Governmental Accounting Standards Board released guidance on leases, pension plans and a wide range of other accounting and financial reporting issues that were identified during the implementation and application of some of its earlier pronouncements.

The American Institute of CPAs and the National Association of State Boards of Accountancy have inked a mutual recognition agreement with the South African Institute of Chartered Accountants.

CECL’s impact on a financial institution is all about the portfolio makeup.

With FASB reviewing the standards for goodwill, PJ Patel, co-CEO and senior managing director at Valuation Research Corp., dives into the evolving complexities in the field.

The International Ethics Standards Board for Accountants released an exposure draft Thursday proposing changes to the International Code of Ethics for Professional Accountants to provide additional guidance to audit engagement quality reviewers about their professional objectivity.

Denmark’s business watchdog said it has brought two auditors before a disciplinary board after concluding they violated regulations while reviewing Danske Bank A/S, the lender caught up in Europe’s biggest money laundering scandal.

The International Accounting Standards Board is considering an update to IFRS for SMEs, its stripped down version of International Financial Reporting Standards for small and midsize entities, the second major update to the standards since it was introduced in 2009.

Crowe Global, the eighth largest network of audit, tax and advisory firms, reported global revenues of $4.4 billion in 2019, an increase of 3.5 percent (not counting the impact of foreign currency exchange), the network’s eighth year of consecutive growth.